Presented by Daniel Toriola
Credit cards are very useful. Normally there is no requirement of any collateral, and the amount of credit is fixed
on the basis of the perceived creditworthiness of the primary holder, which is usually dependent on the
person’s credit score.
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Cover Redundancy With Mortgage, Loan or Income Payment Protection
By Simon Burgess
You are able to cover redundancy with mortgage, loan or income payment protection depending on
your needs. All policies can be taken out independently with specialist providers and this is the
cheapest way to get a quality product that you are able to fall back on if and when you where to lose
your own income.
Income payment protection when taken out to cover redundancy would give you a sum of money that
you insured at the time of taking the protection. All payment protection specialists would allow you to
insure a certain amount of the income each month. This would affect the premium that you are asked
to pay and your age would also be taken into account. This means the younger you are when you
protect your income the cheaper the protection would be.
Income cover would allow you the luxury of having an income each month so that you would be able
to search for work without having financial worries. You would be able to continue paying your
mortgage at the end of the month and so not risk losing your home if you get into arrears that are no
longer manageable. If you go into mortgage arrears you would have to make an agreement with the
lender to pay off what you owe while also being able to pay your normal payments. As arrears were
caused by being unable to pay there would be no chance of making such an agreement. Therefore the
lender would have no option but to take you t